AAR CORP.

WOOD DALE – November 02, 2026 -- AAR CORP. (NYSE: AIR) priced $1.915 billion of senior notes in two tranches, 7.125% notes due 2031 and 7.375% notes due 2034, to help finance its pending acquisition of a controlling interest in MRO Holdings, Inc.

AAR splits the debt into $955 million and $960 million tranches

The 2031 Notes total $955 million at a fixed 7.125% annual rate and mature on November 15, 2031. The 2034 Notes total $960 million at a fixed 7.375% and mature on November 15, 2034. The offering is expected to close on November 17, 2026, subject to customary closing conditions.

Proceeds join equity and revolver borrowings in the MRO Holdings funding stack

AAR will combine the net proceeds with proceeds from a previously announced private placement of 2,215,791 shares of common stock and with borrowings under its Amended Revolving Credit Facility. The funds will pay the cash consideration for the MRO Holdings Acquisition.

Wood Dale, Illinois – September 29, 2026 -- AAR CORP. (NYSE: AIR) has agreed to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4.0 billion, creating what the company calls the largest heavy maintenance MRO operation in the world, servicing nearly 3,000 aircraft annually.

AAR values MRO Holdings at 10.7x forecasted 2026 EBITDA

The valuation represents 10.7 times MRO Holdings' forecasted full calendar year 2026 adjusted EBITDA, factoring in $75 million of anticipated run-rate cost synergies and net of transaction-related tax benefits with an expected present value of approximately $150 million.

Wood Dale, Ill. – September 29, 2026 -- AAR CORP. (NYSE: AIR) reported first-quarter fiscal 2027 sales of $918 million, a 24% jump from $739.6 million a year earlier, as the aviation aftermarket supplier simultaneously disclosed a definitive agreement to acquire a 65% controlling interest in MRO Holdings.

Sales climb 24% on parts distribution and repair growth

The quarter ended September 29, 2026, saw growth across all three core segments. Parts Supply sales rose 31%, driven by 23% organic growth in new parts distribution across commercial and government markets. The Repair, Engineering & Software segment grew 31% on airframe MRO, component MRO, and software activity, while Government Solutions increased 4% on Mobility Systems strength.